Southard Financial

When Banks Buy Banks, Special Rules Apply

banks-buy-banks

Make sure your valuation is handled the right way.

Banks that are looking to acquire an existing bank or branch(es) need to be aware that such transactions must be valued in accordance with the federally mandated Accounting Standards Codification Topic 805, Business Combinations.

IRS Hears Testimony Against Changes in Section 2704 Regulations

irs-discounts

Southard Financial wants to keep you up to date on the debate.

As we explained in September, the IRS recently proposed sweeping new changes in Section 2704, which covers the treatment of valuation discounts. These discounts are a powerful estate-planning technique that high-net-worth families have traditionally used to protect assets that are transferred as gifts or bequests to heirs. The public comment period, which ended on November 2, was followed by public hearing before a panel of representatives from the Department of the Treasury and the IRS in Washington, D.C. on December 2.

Following are highlights from that hearing, as reported by Peter H. Agrapides, MBA, CVA, on behalf of the National Association of Certified Valuators and Analysts (NACVA).

Your Company’s Future: Begin with the End in Mind

ESOp Trustees

You’ve probably heard more than one pithy statement about planning:

The 17th century Spanish writer Cervantes stated, “To be prepared is half the victory.”

Winston Churchill declared, “He who fails to plan is planning to fail.”

Management expert and author Lester R. Bittel wrote, “Good plans shape good decisions.”

While they might sound simplistic, these famous quotations are crucial reminders that, in business as in life, you must plan well — and well in advance — if you want to reach your goals. This may never be truer than when the future of your company or family business is on the line.

Heads Up, ESOP Trustees: 2014 Settlement Clarified the Rules

ESOp Trustees

Do you remember the headlines?

A little over two years ago, the Department of Labor (DOL) announced a $5.25 million settlement with GreatBanc Trust Co., resolving allegations that GreatBanc had violated the Employee Retirement Income Security Act in its management of the Sierra Aluminum Co. Employee Stock Ownership Plan (ESOP).

GreatBanc and its insurers agreed to pay almost $500,000 in civil penalties, with the rest of the settlement being paid into the Sierra Aluminum ESOP.

Recent Activities

  • Southard Financial facilitated the sale of Memphis' own TOPS Bar-B-Q chain

    Southard Financial facilitated the sale of Memphis' own TOPS Bar-B-Q chain
  • David A. Harris and Matthew L. Jakes spoke at the 2019 Spring Workshop of the New South Chapter of The ESOP Association

    David A. Harris and Matthew L. Jakes spoke at the 2019 Spring Workshop of the New South Chapter of The ESOP Association held in Atlanta, Georgia in February, 2019 on the topic of “Valuation Appraisal Checklist – 10 Things Your ESOP Appraiser Should be Doing”

  • David A. Harris spoke at The Fall ESOP Forum of the NCEO

    David A. Harris spoke at The Fall ESOP Forum of the NCEO (National Center for Employee Ownership) held in Albuquerque, New Mexico in October, 2018 on the topic, “Communicating Valuation: Tools, Tips, and Examples”.

  • Southard Financial negotiated the sale of and was the exclusive financial advisor to Southern Systems, Inc.

    Southard Financial negotiated the sale of and was the exclusive financial advisor to Southern Systems, Inc.
  • David A. Harris spoke at the 2018 Annual Fall Conference of the New South Chapter of The ESOP Association

    David A. Harris spoke at the 2018 Annual Fall Conference of the New South Chapter of The ESOP Association held in Birmingham, Alabama in September, 2018. He led a workshop called “The People’s Roundtable Interactive Workshop – A series of ‘Build to Last’ activities that focus on developing successful communication and team building programs for employee owners of all generations.” Speakers included Dolores Lawrence, Blue Ridge ESOP Associates; Lindsay Baublitz, SCandH Capital; David Harris, Southard Financial LLC

  • Mark A. Orndorff spoke at the ESOP Nuts & Bolts Seminar of the NCEO

    Mark A. Orndorff spoke at the ESOP Nuts and Bolts Seminar of the NCEO (National Center for Employee Ownership) held in Indianapolis, Indiana in August, 2018 on the topic of “What’s Your Company Worth? – ESOP Valuation.”

  • Southard Financial helps Transnetyx expand with growth capital

    Southard Financial helps Transnetyx expand with growth capital
  • Mark A. Orndorff spoke at the American Booksellers Association Winter Institute

    Mark A. Orndorff spoke at the American Booksellers Association Winter Institute 2018 held in Memphis, TN in January, 2018 on the topic of Succession Planning titled “What is Your ‘End Goal’?”

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